Welcome to the CentOS fora. Reading [url=https://www.centos.org/modules/newbb/viewforum.php?forum=47]FAQ & Readme First[/url] is recommended for new users.

You should not install either of those obsolete/unsupported releases. Current releases are 4.8 and 5.5. I would not install 4.x on any new hardware without a good reason to do so. CentOS 6 is expected shortly and would probably be the best choice for both longevity and to support newer hardware. In any case, with >3.5 GB of RAM you probably want x86_64 rather than i386, or if you want 32-bit you will need a PAE kernel.

Edit: I see Gerald jumped in while I was being interrupted by my management. Looks like we agree.

A forum search turns up only [url=https://www.centos.org/modules/newbb/viewtopic.php?viewmode=flat&topic_id=26604&forum=37]this unresolved thread[/url] indicating that it should work at least partially. Hard disks are generally not an issue, except for possible performance problems if not configured correctly. As you did not list an exact model it is not possible to guess if it is something like an Advanced Format Disk (AFD) requiring special handling of the partitioning for 4k sectors.